| 1. TIME IS RUNNING OUT FOR BUSINESS RESCUE PRACTITIONERS TO BECOME MEMBERS OF A CIPC ACCREDITED PROFESSIONAL BODY. | By Faith Ngwenya: Technical & Standards Executive SAIPA
The transitional arrangements for Business Rescue Practitioners that are licensed by CIPC comes to an end on 30 September 2017. With effect from 1 October 2017 all BRPs must meet the requirements of Section 138(1)(a) of the Companies Act which provides that “A person to be appointed as a business rescue practitioner of a company only if the person is a member in good standing of a legal, accounting or business management profession accredited by the Commission”. | | Read More | | 2. PROPOSED AMENDMENT OF THE SCHEDULES TO THE FINANCIAL INTELLIGENCE CENTRE ACT, 2001 | By Faith Ngwenya: Technical & Standards Executive SAIPA
The consultative process by the Financial Intelligence Centre continues with the centre conducting roadshows in various centres around the country. This follows on the consultative engagement with the professional accountants’ industry which took place on 8 March 2017 attended by SAIPA, SAICA, SAIBA and IAC as well as the Independent Regulatory Board for Auditors. The amendment proposes that the professional accountants amongst others be included as accountable institutions in terms of Schedule 1 of the FICA. | | Read More | | 3. B-BBEE COMMISSION IS GETTING SERIOUS ABOUT FRONTING – ECONOSERV | Following on from our previous newsletter where we criticized the B-BBEE Commission for not taking sufficient action against the scourge of fronting, the Commission has now issued a media statement naming 17 companies that are currently being investigated for possible fronting practices and non-compliance with the B-BBEE Act.
The media statement gives a short summary of each possible fronting practice – the majority of which revolve around ownership schemes and trusts. The media statement gives no more detail, but it would appear that the Commission has finally taken action, particularly around suspect ownership schemes we have always been concerned about. | | Read More | | 4. INTEGRATED THINKING & REPORTING REQUIRES TRUSTED ADVISORS: GUIDING YOUR SME CLIENTS | | The International Integrated Reporting Council’s International Integrated Reporting Framework defines integrated thinking as: “The active consideration by an organization of the relationships between its various operating and functional units and the ‘multiple capitals’ that the organization uses or affects. Integrated thinking leads to integrated decision making and actions that consider the creation of value over the short, medium, and long term.” | | Read More | | 5. NEWSLETTER AUGUST MESSAGE FROM THE CEO: ASSOCIATION OF CERTIFIED FRAUD EXAMINERS | Dear members
I am privileged to say that the ACFE SA is recognised on all levels of the government. A month ago, we added the draft report of the National Anti- Corruption Strategy to our newsletter and I'm proud to reveal that I was asked by the minister to chair one of the steering committees of the National Anti- Corruption Framework and sit on the ESC of the Anti- Corruption & Integrity Evaluation Committee by the Premiers Office in Gauteng.
The ACFE has done sterling work to provide training and establish partnerships to fight fraud and corruption which is, as is clear from all these requests, recognised at all levels. | | Read More | | 6. SARIPA INSOLVENCY LAW UPDATE 3 OF 2017. | The views expressed in this update are those of the writer, Martinus (Tienie) Cronje.
HEADLINES
BUSINESS RESCUE
Maroos v GCC Engineering (Pty) Ltd
An application for business rescue suspends the powers of provisional liquidators in a winding up and revests the property of the company in the director of the company. | | Read More | | 7. FINANCIAL REPORTING STANDARDS COUNCIL (FRSC) | NEWSLETTER – AUGUST 2017
Financial reporting standards council meeting held on 04 august 2017.
Dear Stakeholder
The Financial Reporting Standards Council (FRSC) held its third meeting for 2017 on 4 August 2017. The FRSC considered the following matters at the meeting that are highlighted in this newsletter | | Read More | | 8. SAIPA 2017 webinars | | SAIPA regularly brings you a series of CPD webinars to ensure that you are equipped with the necessary skills and knowledge to carry out duties effectively and efficiently as a professional. | | Read More | |
| SAIPA has identified stakeholders in the profession that would be of interest to Professional Accountants, and has created a spot in the monthly newsletter to share updates that would be of importance to you as follows: |  | ABP
Read More |  | ACFE
Read More |
 |
| SPECIAL NOTICES | | SAIPA is continuously working on improving our engagement with our members through the SAIPA briefcase which is our Client Relationship Management system (CRM). We encourage you to utilise this platform to log any queries you may have. You will be able to track the progress of your enquiry, and even escalate it if you have not received an answer within a satisfactory time period. | | Login your briefcase |
| Have you booked for the SAIPA national conference yet? | | With just over 12 weeks to go, tickets are selling fast so book your seat today. Join us in Cape Town from 19-21 October for insights into the accounting profession and attend sessions hosted by international speakers. | | Click here for more details |
|
